Federated Co-operatives Ltd. has reported its eighth consecutive year of record earnings.
The wholesale supplier for retail co-ops across Western and Northern Canada recorded net earnings of $171.4 million in the fiscal year ending Oct. 31, 1999, up from $162.2 million the previous year.
In a news release, chief executive officer Wayne Thompson attributed the jump in earnings to increased sales and strong prices for lumber and plywood.
Sales during the fiscal year were $2.53 billion, an increase of $206 million from the previous year’s $2.33 billion. The largest increases in sales were in FCL’s food and petroleum divisions.
FCL returned $146.9 million in cash and $4.6 million in share capital to more than 300 locally owned retail co-op members. Nearly $20 million was retained for future development.
